DTN Early Word Opening Livestock 03/21 06:02

DTN Early Word Opening Livestock 03/21 06:02 Livestock Paper Set for Mixed Opening at Midweek Look for the cattle complex to open on a mixed basis thanks to follow-through selling and midweek short-covering. Lean hog contracts should also open with uneven price action tied with nearbys and is probably better supported than deferreds. By John Harrington DTN Livestock Analyst Cattle: Steady w/Tues Futures: Mixed Live Equiv $149.11 - .72* Hogs: Steady-$1 LR Futures: Mixed Lean Equiv $ 77.14 + .09** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Once again, cattle buyers have been successful in securing light-to-moderate numbers early in the week, helped by another break in live and feeder futures. Most live sales looked about $1 lower with dressed deals tagged close to $2 lower. While cash sales have done a decent job this month in stabilizing past midweek, it will be interesting to see if feedlot managers can keep resisting lower bids going forward (e.g., some Northern buyers had dropped bids to $202 late Tuesday). On the other hand, we know of several deals priced Tuesday at $203 to $204 to be delivered in mid-April. Needless to say, it would help a great deal if we could find a pulse at the CME. Asking prices are now around $127 in the South and $205 in the North. Live and feeder futures should open on a mixed basis thanks to a combination of residual selling and short-covering.